Iress integration seeks to accelerate SOA compliance

A new solution launched by data-driven presentation platform SalesPreso will leverage an integration with Iress’ Xplan platform as it aims to accelerate and automate compliant advice across the financial planning sector.

The LivePreso Wealth platform will enable a fully automated, data-driven digital statement of advice (SOA) creation process, all the way through to integrated digital signing and compliant file storage back into Xplan and the updating of regulatory monitoring systems, according to a statement.

By integrating LivePreso Wealth with many of the existing systems used by financial planners, including Xplan, advisers can start to provide automatically relevant insights for each client in an instant, SalesPreso said.

It noted that there’s no paper or post-merge-editing, the solution instead driven by visuals that are engaging and easy to understand.

As a result, SalesPreso said the wealth iteration of the platform will improve client understanding of advice – not just the disclosure of information.

SalesPreso head of industry strategy Mark La Bozzetta said streamlining the creation of SOA documentation will save the industry thousands of hours in lost productivity each year.

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“Currently, an SOA can take between four-10 hours to complete and the final product is either reams of paper or a static PDF document either way, many SOAs are boring, hard to read and laden with compliance rhetoric that can confuse the client,” Mr La Bozzetta said.

“With around 20,000 advisers in Australia, that’s thousands of wasted hours and resources spent on documentation when these professionals should be helping clients better understand their wealth position and the value of advice.”

Mr La Bozzetta said advisers can ensure they’re presenting clients with up-to-date information, maintaining compliance with a click of a button and turn their focus to ensuring customers understand what’s in front of them.

“With 70 per cent of consumers learning visually, we figured there had to be a better way to communicate to clients such vital information so they can make more informed decisions about their finances,” he said.

Iress integration seeks to accelerate SOA compliance
SalesPreso
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Adrian Flores

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

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